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Google Leases Former Agilent Headquarters

PALO ALTO, CA-Jay Paul Co. acquired the 224,000-sf building 14 months ago for approximately $440 per sf. Agilent vacated the space last fall.

By Brian K. Miller | Updated on July 13, 2007

PALO ALTO, CA-Jay Paul Co. has landed Google Inc. for Agilent’s former headquarters. The San Francisco-based company acquired the 224,000-sf building on Page Mill Road here from Agilent 14 months ago for approximately $98 million or $440 per sf. The building was developed in 2000 at a cost of $29 million. Agilent vacated the space last fall; Google’s move-in date was not immediately available.

One of the brokers in the deal, Phil Mahoney of Cornish & Carey, briefly confirmed the deal for GlobeSt.com but did not discuss the negotiated lease rate. The asking lease rate, which assumed a full-building user, was $3.50 per sf (not including taxes, insurance and maintenance), he says, which translates to $9.5 million per annum.

Deals like this by the region’s 800-pound gorillas have leasing activity on high on the Peninsula. One good example is Parkside Towers, a 400,000-sf office development in Foster City that was completed in 2002 and three years later remained 85% vacant. Including a 52,000-sf lease signed in May by Acxiom Corp., vacancy in the two five-story buildings is down to 44% and negotiations are under way for “a significant portion” of the remainder, listing broker Craig Kalinowski of Cornish & Carey told GlobeSt.com in June.

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